With a 38 gallon tank is probably a short. With 3500 watt element water heaters were designed for manufactured homes. Most older "mobile homes" as they were called, always went the cheap way. A 3500 watt unit will allow 12 gauge wire with a 20 amp breaker. There are thousands of old homes that do not have 10 gauge/30a circuits, therefore, 3500 watt elements are changed out for 4500 watt at installation or water heaters are sold with 3500 watt elements. The thermostats are the same.
The internal wiring, as
jadnashua stated, is smaller but I'm sure it's the same size wire for 4500 & 3500 water heaters. There is always the possibility that the elements can be upgraded to 4500 watt since the thread size are identical. External wiring is regulated by NEC, internal wiring and components are designed to ANSI standards and for a UL label.
What Phog is stating is true but for electric water heaters there is no heat design rating difference. That is the elements are immersed in water. Nearly 100% of the energy is absorbed by the water. When the water reaches the set temperature, the thermostats turn off the power, therefore, the water doesn't get any hotter than with 3500w or 4500w. The difference is how fast the water is heated to the set temperature. If this was a gas fired heater, than what Phog stated is absolutely true.
I see no problem replacing the elements with 4500 watt as long as you have 10 gauge, 30 a circuit. A hint here is the previous owner may have bought the unit at a good price, less than a 40 gal with 4500 elements and not knowing there was a difference.